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Oil prices may drop under $100 as jobs report spooks market

GasBuddy Blog -- The latest jobs report came out last week, but because of Good Friday, the market hasn't yet had the chance to react accordingly. Today is the first day since the release of the report that stocks and commodity trading is open- and it's looking like the report may just have sent more fear back in to the market.

Oil prices are down near $100 per barrel, and if things continue, oil may even drop under that magic triple digit level, which could possibly lead to further a sell-off as technical barriers are broken. Gasoline futures are also down to start the week, continuing last week's sell off after the Energy Information Administration report that showed refineries boosting utilization earlier than expected amid a 9 million barrel rise...

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Submitted Apr 09, 2012 By: PD

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albert2008 Champion Author Winnipeg Posts:7,342 Points:1,479,060 Joined:Sep 2008	Message Posted: Apr 18, 2012 9:01:09 AM Ignore albert2008 Report Abuse hope so
rjhenn Champion Author Des Moines Posts:22,430 Points:2,228,500 Joined:Aug 2005	Message Posted: Apr 17, 2012 7:36:23 PM Ignore rjhenn Report Abuse Depends on whether the spooking is on the supply side or the demand side.
heydano67 Champion Author California Posts:1,661 Points:356,560 Joined:Feb 2012	Message Posted: Apr 17, 2012 5:09:26 PM Ignore heydano67 Report Abuse Usually when the market gets spooked it heads upwards.
phil69692012 Rookie Author Chicago Posts:3 Points:485 Joined:Apr 2012	Message Posted: Apr 17, 2012 10:54:07 AM Ignore phil69692012 Report Abuse under 4 bucks would be great
Donatelo Champion Author Dayton Posts:1,118 Points:291,825 Joined:Apr 2011	Message Posted: Apr 17, 2012 10:42:10 AM Ignore Donatelo Report Abuse k
albert2008 Champion Author Winnipeg Posts:7,342 Points:1,479,060 Joined:Sep 2008	Message Posted: Apr 17, 2012 9:03:36 AM Ignore albert2008 Report Abuse hurry up and drop
cleangasprices Veteran Author Vancouver Posts:315 Points:72,515 Joined:May 2011	Message Posted: Apr 16, 2012 7:41:50 PM Ignore cleangasprices Report Abuse wonder what the outcome will be
gawxnative All-Star Author Atlanta Posts:510 Points:229,865 Joined:Aug 2006	Message Posted: Apr 16, 2012 3:32:56 PM Ignore gawxnative Report Abuse Wait and see
honda0105 Champion Author Tallahassee Posts:18,609 Points:1,608,545 Joined:Nov 2008	Message Posted: Apr 14, 2012 8:36:18 AM Ignore honda0105 Report Abuse pump prices for reg. unleaded (87) went down by 5 cents at some stations in the past 2 days. Diesel still at 4.15 - 4.29.
drpepperTX Champion Author Texas Posts:8,934 Points:751,010 Joined:Apr 2011	Message Posted: Apr 13, 2012 3:52:05 PM Ignore drpepperTX Report Abuse As of 2:51 p.m. CST Dated Brent Spot 121.43 -0.33 -0.27% 15:43 WTI Cushing Spot 102.92 -0.72 -0.69% 14:08 Nymex RBOB Gasoline Future 335.21 -0.46 -0.14% 15:31
rjhenn Champion Author Des Moines Posts:22,430 Points:2,228,500 Joined:Aug 2005	Message Posted: Apr 13, 2012 2:58:27 PM Ignore rjhenn Report Abuse Yet gas prices went up 13¢ a gallon here last night.
Donatelo Champion Author Dayton Posts:1,118 Points:291,825 Joined:Apr 2011	Message Posted: Apr 13, 2012 9:58:10 AM Ignore Donatelo Report Abuse k
drpepperTX Champion Author Texas Posts:8,934 Points:751,010 Joined:Apr 2011	Message Posted: Apr 13, 2012 9:36:55 AM Ignore drpepperTX Report Abuse As of this morning:GASOLINE RBOB FUT (USD/GAL.) 334.50 -1.17 (-0.35%) 09:23 WTI CRUDE FUTURE (USD/BBL.) 103.19 -0.45 (-0.44%) 09:22
albert2008 Champion Author Winnipeg Posts:7,342 Points:1,479,060 Joined:Sep 2008	Message Posted: Apr 13, 2012 9:10:28 AM Ignore albert2008 Report Abuse as long as gas prices drop to
honda0105 Champion Author Tallahassee Posts:18,609 Points:1,608,545 Joined:Nov 2008	Message Posted: Apr 13, 2012 6:03:21 AM Ignore honda0105 Report Abuse anything to make the market move by the media (and yes, I consider Patrick DeHaan also part of the media). Except, it didn't work this time, did it?
KAR120CSII Champion Author Oregon Posts:3,172 Points:619,620 Joined:Apr 2010	Message Posted: Apr 12, 2012 8:17:31 PM Ignore KAR120CSII Report Abuse A week later oil a$t $101.29 -- still above the $100. Gas prices still high.
albert2008 Champion Author Winnipeg Posts:7,342 Points:1,479,060 Joined:Sep 2008	Message Posted: Apr 12, 2012 9:05:04 AM Ignore albert2008 Report Abuse hope so
cleangasprices Veteran Author Vancouver Posts:315 Points:72,515 Joined:May 2011	Message Posted: Apr 12, 2012 5:18:10 AM Ignore cleangasprices Report Abuse As the demand grows, don't think it would drop
cleangasprices Veteran Author Vancouver Posts:315 Points:72,515 Joined:May 2011	Message Posted: Apr 12, 2012 5:16:50 AM Ignore cleangasprices Report Abuse It drops 3 cents, then up 5 cents
dnjk5 Rookie Author Lancaster Posts:2 Points:265 Joined:Apr 2012	Message Posted: Apr 11, 2012 7:47:24 PM Ignore dnjk5 Report Abuse ok
sparky808 Champion Author Honolulu Posts:2,993 Points:596,760 Joined:Sep 2011	Message Posted: Apr 11, 2012 1:37:47 PM Ignore sparky808 Report Abuse Thank you for posting.
Donatelo Champion Author Dayton Posts:1,118 Points:291,825 Joined:Apr 2011	Message Posted: Apr 11, 2012 1:26:15 PM Ignore Donatelo Report Abuse k
puinsai808 Champion Author Honolulu Posts:3,534 Points:725,355 Joined:May 2011	Message Posted: Apr 11, 2012 10:10:27 AM Ignore puinsai808 Report Abuse Hasn't broken the $100 yet.
albert2008 Champion Author Winnipeg Posts:7,342 Points:1,479,060 Joined:Sep 2008	Message Posted: Apr 11, 2012 8:56:34 AM Ignore albert2008 Report Abuse bu when are the gas prices going to fall
brols25 Rookie Author Illinois Posts:34 Points:48,405 Joined:Aug 2011	Message Posted: Apr 11, 2012 7:52:22 AM Ignore brols25 Report Abuse good
RR52DE Champion Author Delaware Posts:2,392 Points:399,115 Joined:Mar 2012	Message Posted: Apr 11, 2012 7:34:16 AM Ignore RR52DE Report Abuse Starting to see a drop ! Yea
Digger52 Champion Author Chicago Posts:2,397 Points:846,985 Joined:Aug 2008	Message Posted: Apr 10, 2012 9:44:27 PM Ignore Digger52 Report Abuse Right.. . .
Fhuang66 Champion Author Cleveland Posts:1,323 Points:911,680 Joined:Oct 2005	Message Posted: Apr 10, 2012 3:29:09 PM Ignore Fhuang66 Report Abuse Wait and see.
DeeLA Champion Author Los Angeles Posts:4,807 Points:1,363,380 Joined:Nov 2008	Message Posted: Apr 10, 2012 2:20:28 PM Ignore DeeLA Report Abuse Old news. I commented on this article yesterday.
humblepie Champion Author Toledo Posts:34,147 Points:2,369,420 Joined:Mar 2006	Message Posted: Apr 10, 2012 2:16:28 PM Ignore humblepie Report Abuse not today
ttab1 Rookie Author Buffalo Posts:7 Points:41,315 Joined:Mar 2012	Message Posted: Apr 10, 2012 2:13:05 PM Ignore ttab1 Report Abuse And prices continue to rise at the pump here. Up another $.05 to $4.10
ciimike Champion Author Nevada Posts:4,638 Points:1,062,060 Joined:Aug 2005	Message Posted: Apr 10, 2012 2:11:01 PM Ignore ciimike Report Abuse One can hope, but I don't think I will hold my breathe. Speculators will find some reason to cause prices to raise.
dwbuddy Champion Author Fort Worth Posts:1,822 Points:747,985 Joined:Dec 2010	Message Posted: Apr 10, 2012 2:09:41 PM Ignore dwbuddy Report Abuse really? Hope so
SUPERQUACK Champion Author Sacramento Posts:6,116 Points:1,909,880 Joined:Jun 2007	Message Posted: Apr 10, 2012 2:08:12 PM Ignore SUPERQUACK Report Abuse DOUBT IT
TopGunn Champion Author Baltimore Posts:9,176 Points:2,614,330 Joined:Aug 2004	Message Posted: Apr 10, 2012 2:07:38 PM Ignore TopGunn Report Abuse Retail doesn't know it.
CYSWXMAN Champion Author Wyoming Posts:14,548 Points:2,933,305 Joined:Aug 2003	Message Posted: Apr 10, 2012 2:07:21 PM Ignore CYSWXMAN Report Abuse Why is it when oil was $100 a barrel last time gasoline was about $2.70 a gallon, but now its almost $4.00!!?
RoLleRKoaSTeR All-Star Author Louisville Posts:970 Points:465,750 Joined:Feb 2006	Message Posted: Apr 10, 2012 1:59:59 PM Ignore RoLleRKoaSTeR Report Abuse Gas prices only going down pennies per week here. Expecting another 20 cent spike by Thursday because Marathon/Speedway can.
repeater1 Champion Author Topeka Posts:8,293 Points:2,363,870 Joined:Oct 2005	Message Posted: Apr 10, 2012 1:57:21 PM Ignore repeater1 Report Abuse Can't go down soon enough, just hope we see some relief at the pump.
suportoffroad00 Champion Author Wisconsin Posts:1,029 Points:1,189,865 Joined:Aug 2007	Message Posted: Apr 10, 2012 1:54:51 PM Ignore suportoffroad00 Report Abuse Gas prices will still go up since we are going into summer. Then they will say need to change over for winter and prices will go up yet again.
waynemustang Champion Author Indiana Posts:6,367 Points:1,663,835 Joined:Nov 2006	Message Posted: Apr 10, 2012 1:54:27 PM Ignore waynemustang Report Abuse We must get and refine domestic oil to keep prices down.
OldSwimmer1650 All-Star Author Orange County Posts:554 Points:131,300 Joined:Nov 2008	Message Posted: Apr 10, 2012 1:54:21 PM Ignore OldSwimmer1650 Report Abuse 13:46 est WTI Crude Oil $101.09 down 1.37 Brent Crude Oil $120.28 down 2.39
seahawks Champion Author Washington Posts:3,222 Points:1,962,770 Joined:Sep 2005	Message Posted: Apr 10, 2012 1:52:15 PM Ignore seahawks Report Abuse but fuel prices will continue upwards this summer!!!
SpankyMI Champion Author Kalamazoo Posts:2,703 Points:758,305 Joined:Jan 2011	Message Posted: Apr 10, 2012 1:51:33 PM Ignore SpankyMI Report Abuse I am rooting for less than $50 a barrel.
idigau22 Champion Author Washington Posts:23,397 Points:3,200,035 Joined:Apr 2003	Message Posted: Apr 10, 2012 1:50:02 PM Ignore idigau22 Report Abuse Better rethink this report! Oil is UP to $101.65 this morning!! The stock market is DOWN 169 Points!! Round and Round It Goes! Where It Stops Nobody Knows!!!!
bobsalwaysmt Champion Author Long Island Posts:4,655 Points:265,590 Joined:Oct 2007	Message Posted: Apr 10, 2012 1:49:17 PM Ignore bobsalwaysmt Report Abuse Something nefarious is going on - Yesterday until about 2:00 pm prices on Long Island were posting lows of $3.79 of an hour or 2 old up to 12 hours old (nearly the entire "low" page). By 4:30, there were only 2 or 3 stations at that price and by 6:30 there were none, the lowest post was $3.99. How do prices over an entire area change so dramatically in such a short time? On my way to work around 7:00 AM I saw 2 stations advertising 3.79; both were over $4.00 on my way home less than 12 hours later. There is no good reason for this to happen. There is plenty of reason for the illusory recovery to be spooking the market. Fire Obama! Recall Congress!!
rbrowdersr Champion Author Detroit Posts:5,718 Points:1,818,050 Joined:Aug 2006	Message Posted: Apr 10, 2012 1:48:10 PM Ignore rbrowdersr Report Abuse Wait and see if pump prices drop.
pkrpro Champion Author San Bernardino Posts:1,471 Points:500,015 Joined:Aug 2011	Message Posted: Apr 10, 2012 1:41:02 PM Ignore pkrpro Report Abuse gas has dropped to about 4.15-4.20 here in So CA
sammynorge Champion Author Columbus Posts:1,311 Points:330,555 Joined:Jan 2006	Message Posted: Apr 10, 2012 1:39:13 PM Ignore sammynorge Report Abuse They jerked it up for Easter, like they do for all holidays, like they've done for decades.
alchulito All-Star Author New York Posts:863 Points:504,705 Joined:Dec 2010	Message Posted: Apr 10, 2012 1:38:58 PM Ignore alchulito Report Abuse We'll see
dacofa Champion Author Nevada Posts:5,371 Points:1,147,905 Joined:Jan 2010	Message Posted: Apr 10, 2012 1:38:22 PM Ignore dacofa Report Abuse You mean as the truth comes out about the lack of jobs!